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FINANCIAL CONTROL AND FRAUD PREVENTION IN THE PUBLIC SECTOR
ABSTRACT
The objective of this study is to examine the relationship between financial control and fraud prevention in the public sector in Nigeria. Specifically, the study seeks to verify financial control; prevention in government sector.
The methodology utilized in the study was a survey designed with the aid of administration of questionnaire to collect data from selected states- Edo State and Ondo State. A total of thirty three (33) respondents were used. A regression analysis was used to determine the relationship between financial control and fraud prevention in the public sector and analyze other hypotheses. It also used simple percentage for the research questions.
The findings reveal that the existing control measures by federal government are sufficient in content and scope to prevent fraud in the public sectors, in addition, the success of these effective controls depend on honest personnel and tone at the top. The study therefore, recommended among others that, personnel of integrity and honesty as well forensic experts should be employed to scrutinize the relevant controls put in place. Tone at the top should be correct and lead by good labeling and modeling.
KEY WORDS: Financial Control, Fraud, Prevention, Public sectors